The development process of third-party cross-border payment has always been based on the change and evolution of the cross-border e-commerce market. With the increase in global per capita purchasing power, the increase in Internet penetration rate, the further maturity of payment channels, and the improvement of supporting facilities such as logistics, online shopping has become a rising consumption habit around the world, and the replacement of traditional trade by cross-border e-commerce has become an inevitable trend. However, in recent years, the growth rate of cross-border e-commerce has slowed down, and the development of the third-party cross-border payment industry has entered a stable period. Therefore, without new business models or emerging fields, it is difficult for the third-party cross-border payment industry to show a rapid growth trend again without a new business model or emerging fields.
However, opportunities are also hidden in changes. After the epidemic, various industries began to recover; the two major cross-border consumption scenarios of traveling abroad and studying abroad are becoming more and more popular; Guangdong-Hong Kong-Macao Greater Bay Area digital interconnection has been upgraded; Small and medium-sized enterprises usher in a new round of overseas outbreak boom, and new cross-border trade formats such as B2C and B2B continue to maintain rapid growth. Cross-border payment has ushered in new development space.
Under this background, the scale, structural characteristics and payment model of the global cross-border payment market are quietly changing, and opportunities and challenges coexist. Cross-border payments face real problems such as high costs, slow speed, limited access and insufficient transparency. For cross-border payment service platforms, it is a very difficult challenge to ensure that the business complies with local laws and regulations in various markets, and to provide corresponding solutions for different business models of cross-border e-commerce to meet the diverse business needs of merchants. Especially today, when small and medium-sized enterprises are rushing to go overseas, building faster, cheaper, more transparent and more inclusive cross-border payments and solving the worries of overseas companies has become the common development goal and vision of the entire industry.
Based on the importance of cross-border payments, EqualOcean will take stock of 20 Chinese cross-border payment platforms.
Lianlian International
Lianlian International is a core brand of Lianlian Digital . Lianlian Digital was founded in Hangzhou City, Zhejiang Province in 2009 and received the "Pilot Approval of Cross-border Foreign Exchange Payment Business" in 2015. It is one of the first batch of institutions in China to pilot cross-border foreign exchange business.
As of 2020, it supports cross-border payment services for 20+ global e-commerce platforms including Amazon, eBay, Wish, Shopee, and its business covers more than 100 countries and regions. The business covers cross-border payments, cross-border logistics, global collection, exchange services, global fund distribution, etc. It is a comprehensive and innovative enterprise in the field of payment finance and services in China's cross-border trade. With its compliance and security strength and technological innovation capabilities, Changda Global Payment Financial Network and Trade Service Network covering the entire life cycle of enterprises have been built. In 2021, Lianlian International announced the launch of a global business payment solution in cooperation with VISA.
As of now, Lianlian Digital has completed 5 rounds of financing and plans to make an IPO in Hong Kong as early as next year. This financing may bring Lianlian Digital's valuation to about 20 billion yuan.
PingPong
Hangzhou Ping Pong Intelligent Technology Co., Ltd. was established in 2015 and is an innovation promoter in China's cross-border industry.
At present, PingPong has more than 20 branches around the world, with business coverage of more than 200 countries and regions. It is one of the world's largest comprehensive cross-border trade service providers. It has been connected to the top ten e-commerce platforms such as Amazon in the world, Wish, Newegg, Shopee, etc., and is the only Chinese-funded company that has payment licenses in the United States, EU , Japan and Hong Kong at the same time. Relying on the global operation service network, payment licenses and compliance qualifications in mainstream countries and regions, PingPong has established a diversified product matrix based on the comprehensive needs of cross-border e-commerce and foreign trade enterprises to go overseas, which can provide compliant, safe and convenient one-stop digital financial technology services for different types of customers. It is always committed to working with more ecological partners to build a global digital operation service network through technological innovation, helping cross-border sellers and enterprises to enhance global competitiveness and jointly build a prosperous ecosystem of cross-border trade.
Completed the D round of financing in 2019, PingPong's valuation exceeded US$1 billion, becoming a unicorn company and plans to list on the GEM.
AirwallexAirwallex
AirwallexAirwallexAirwallexAirwallexAirwallexAirwallex was founded in 2015. It is headquartered in Hong Kong. It is one of the fastest growing financial technology companies in the world. Its business covers Asia-Pacific, Europe and North America. It has 12 offices around the world, covering more than 50 currencies in 130 countries and regions.
provides end-to-end convenient services for enterprises of all sizes, supports small and medium-sized enterprise customers to accept online payments from global buyers, receive low-cost payments through virtual bank accounts, and provide value-added services such as multi-currency card issuance and fee management. At the same time, it also customizes API solutions for large enterprises and institutions. In order to better support global business growth, the Airwallex Air Cloud Retreat San Francisco office will become the fifth global technology R&D center after Melbourne , Sydney , Shanghai and Amsterdam , focusing on product research and development and upgrading, creating a stronger global financial infrastructure, and further promoting global digital innovation.
Completed the E+ round of financing in November 2021, with a financing amount of US$100 million, and the financing party was Sequoia Capital China.
XTransfer
XTransfer was founded in May 2017 and is headquartered in Shanghai. It is a one-stop foreign trade enterprise cross-border finance and risk control service company, committed to helping small and medium-sized enterprises significantly reduce the threshold and costs of global business development. Their revenue mainly comes from service fees for cross-border payment collection, foreign exchange exchange, anti-money laundering risk control and other financial management businesses.
At present, XTransfer has obtained local payment licenses in Hong Kong, the United Kingdom, the United States, Canada, and Australia, and has branches in major foreign trade cities such as Hong Kong, Shenzhen, as well as in the United Kingdom, the United States, Canada, Japan, Australia, and Singapore . With technology as a bridge, we connect large financial institutions and small and medium-sized enterprises around the world, and create a data-based, automated, Internet-based and intelligent anti-money laundering risk control infrastructure centered on small and medium-sized enterprises. Through cooperation with well-known multinational banks and financial institutions, we will build a global multi-currency unified settlement platform of multinational large-group levels, so that small and medium-sized enterprises can enjoy the same level of cross-border financial services as large multinational gang companies.
In September 2021, XTransfer completed a Series D financing, with the amount of this round of financing of approximately US$100 million, led by D1 Capital Partners.
Xunhui SUNRATE
Xunhui SUNRATE was founded in 2016 and is headquartered in Shanghai. It is an enterprise service company for digital global payment and exchange rate management. It focuses on providing digital global payment and financial management solutions to global general trade, cross-border e-commerce, online aviation and other corporate customers.
Currently, it has branches in Shanghai, Hong Kong, Tokyo, Singapore, Jakarta and London, which can help companies conduct business in more than 130 countries. We are committed to helping enterprises achieve global payment digitalization and provide enterprises with more resource support through highly adaptable treasury management solutions, so that they can focus on the development of their core business and conduct global trade easily. While reaching strategic cooperation with international banks such as Citi , Standard Chartered , , and has also become a card organization member of MasterCard and Visa, continuing to provide one-stop digital services to tens of thousands of companies around the world.
In December 2021, the C round of financing was completed. The round of financing was led by SoftBank Asia Venture Capital, followed by institutions such as Banyan Pacific Capital (BPC), TDF Impact Investment, and old shareholders Red Dot China, Jifu Asia, Huachuang Capital , and Xianfeng Changqing also participated in this round of financing.
PayerMax
In 2020, PayerMax was launched by Eggplant Technology. It is a cross-border payment platform that provides one-stop payment solutions, focusing on emerging markets.
PayerMax has made continuous breakthroughs in emerging markets around the world. In the first half of this year alone, it has obtained multiple payment licenses in Thailand, the UAE and other countries, which can provide global enterprises with smoother cross-border collection, cross-border withdrawal, subscription payment, merchant account management, and multi-scenario access services. At the same time, PayerMax has also obtained PCI-DSS certification and has a financial-level risk control system to ensure the safety of each fund and comprehensively prevent transaction risks. At present, PayerMax supports more than 350 payment methods, more than 30 currencies, and its business covers more than 50 countries. It can meet the diverse payment needs of global users and provide one-stop payment solutions for Chinese overseas and foreign companies.
In September this year, the Central Bank of the Philippines officially obtained a payment system operator (OPS) license.
Cutu Digital Technology
Cutu Digital Technology (Beijing) Co., Ltd. was established in 2020 and is committed to providing efficient, reliable and low-cost comprehensive financial technology products and solutions for cross-border e-commerce merchants, enterprises, platforms and financial institutions in the entire industry ecosystem chain.
has more than 10 years of cross-border payment experience, and has gathered practical experts with rich experience in various fields such as mobile Internet, cross-border e-commerce, cross-border payment, and security risk control. Build an ecosystem of "scenarios + financial institutions + users", use internationally leading big data and cutting-edge technologies such as artificial intelligence , and form a global big data intelligent risk control system, international payment technology system and customer management evaluation system, with customers covering more than 200 countries and regions around the world. As one of the first members of the Global Banking Financial Telecommunications Association in China. Obtain certification qualifications from multiple authoritative institutions in the fields of payment, finance and data security.
Completed a round A financing of tens of millions of yuan in August 2022, invested by Dewu Capital. This round of financing funds will be used to accelerate the layout of cross-border B2B risk control and underlying technical capabilities, and further meet the payment and financial technology needs of small and medium-sized enterprises for cross-border overseas transactions.
iPayLinksAibeiying
iPayLinks was founded in early 2015. It is headquartered in Lujiazui, Shanghai. It is committed to building a world-class cross-border payment platform to help customers develop global business.
iPayLinks serves customers such as top aviation and travel companies, brand e-commerce, and digital entertainment. The company has successively established branches in Shenzhen, Hong Kong, Singapore, Malaysia , the United Kingdom, the United States, Dubai and other places, and has the highest security certification of PCI-DSS Level-1 in the international card payment industry and multiple overseas financial payment licenses. Provide global diversified payment methods such as mainstream international credit cards and overseas local payments for cross-border enterprises, and create a one-stop collection and issuance system. Digging deep into the industry and focusing on the region, iPayLinks has a mature OTA industry special payment solution and is the first financial technology company in China to obtain an Saudi service investment license.
completed a B1 round of financing of hundreds of millions of yuan at the beginning of 2018, led by Tencent and followed by Junlian Capital .
Skyee
Guangzhou Gaofu Information Technology Co., Ltd. was founded in 2016 and is headquartered in Guangzhou. Its brand Skyee is the first euro collection platform in China, a national high-tech enterprise, and the top ten payment companies in Guangdong Province. It is also an innovative cross-border collection company that the government supports.
Skyee has built a global local payment and settlement business covering more than 100 countries. Its business scope covers major regions such as Asia, North America, Europe, and has established branches in many places such as the United States, the United Kingdom, Japan, Hong Kong, and India. Service products fully cover cross-border e-commerce payment collection, corporate foreign exchange transaction management, global supplier payment, etc. Customize solutions for customers with different platforms, and continuously optimize product functions with the goal of more efficiently meeting users' business needs, creating a one-stop global fund collection and payment platform. It provides cross-border settlement services to more than 100,000 enterprise users, and has maintained a steady improvement trend. In 2021, Skyee becomes a member company of Lakara .
In June 2021, Skyee completed strategic financing, and the investor was a Koala Fund, an Internet industry investment fund initiated and invested in by Lakala.
Qbittml2
Qbit was founded in 2019 and is headquartered in Hangzhou. It is a financial technology and enterprise service company.
is committed to providing enterprises with a one-stop cross-border capital transfer platform, allowing customers to have a more convenient, efficient and low-cost cross-border payment experience. Driven by technology and security compliance as the foundation, and combined with the cutting-edge blockchain technology , we develop a new generation of cross-border clearing and settlement network, and provide global payment, global payment and quantum card services based on this, covering all needs of customer funds cross-border circulation. By building a global one-stop financial infrastructure , empowering customers with technological innovation, we are committed to creating world-leading, efficient, convenient, high-quality and diverse cross-border financial services for overseas companies, and opening up the global capital flow link for enterprises. At present, it serves more than 3,000 brand overseas companies, has laid out localized service centers in four cities around the world, and has reached strategic cooperative relationships with many well-known banks and financial institutions around the world.
In July 2021, a USD A round of financing invested by Zhen Fund was completed.
Qianhai Oceanpayment
Qianhai Oceanpayment was established in May 2014. It is a professional cross-border payment product platform and Internet finance innovation platform, mainly providing one-stop payment solutions for cross-border foreign trade, cross-border games, cross-border tourism, cross-border rich media and other industries.
is jointly established by senior technical, risk control and operation experts in the global payment field. It adopts the dual headquarters operation model of Hong Kong and Shenzhen, and has technology and business entities in the United States, Europe, Australia and Singapore. It is committed to providing global digital payment technology solutions and services for Internet B2C (B) e-commerce models such as cross-border foreign trade, tourism and aviation, digital games, education and training. It has the highest level of security certification in the world's financial industry, PCI DSS LEVEL 1, Visa and other certified service providers or acquisition agencies qualifications, Google Pay and Apple Pay PSPs certifications. It is the only Fintech company in China that has a full license for global digital payment technology and business qualifications. It has maintained strategic cooperation or business relationships with nearly 100 international financial institutions, supported more than 500 payment products around the world, covering more than 200 countries and regions, and served hundreds of thousands of global e-commerce websites. By applying new technologies such as AI and Big Data in a scenario-based manner, we will continue to improve consumer payment experience and merchant income security.
In May 2015, the Pre-A round of financing was completed. The financing party was cornerstone capital , with a valuation of nearly 200 million yuan.
WorldFirst Wanlihui
WorldFirst (WorldFirst) was founded in London, England in 2004 and has been committed to providing better cross-border collection, payment and redemption services for small and medium-sized enterprises around the world. In 2019, it was acquired by Ant Group for about US$700 million. Relying on the global ecological cooperation network in the field of cross-border finance, it provides richer product solutions and financial security guarantees.
00 Lihui's current main business: international remittance, foreign exchange option trading, international e-commerce platform collection and settlement, has 18 years of cross-border payment experience, has or has the qualifications to develop globally in mainland China, Hong Kong, Singapore, the United States, the United Kingdom, Canada, Netherlands , Australia and other countries and regions, or through cooperation with local licensed institutions, it has the qualifications to develop globally, providing solid guarantees for customer fund security. Offices are set up in 19 cities in 8 countries around the world to provide more localized professional services.
PhotonEast PhotonPay
In November 2015, Shenzhen Photonic Yuedong Technology Co., Ltd. was established to launch the global innovative platform Photonic Yi, which is highly integrated with cross-border payments and international financial technology.
Through global integrated compliance and risk management system , it is committed to providing Chinese cross-border e-commerce sellers with safe, compliant, efficient and convenient, low-cost cross-border payments, global payments, foreign exchange services and supply chain financial services. The business covers major regions such as Asia, North America, the EU, and the UK. It holds financial service licenses issued by financial regulatory agencies such as the United States (MSB), Hong Kong (MSO), and is committed to building a global collection and clearing and settlement network to help China's cross-border trade truly reach the world.As a global innovative platform that highly integrates cross-border payments and international financial technology, it has more than 100,000 cross-border enterprise partners and handles more than 60 currencies, covering international payment services in more than 150 countries.
Jianmi Ping++
Jianmi Ping++ is an aggregate payment brand under ShanghaiJianmi Network Technology Co., Ltd., which was established in 2014.
provides payment services to more than 10,000 merchants and is a leading third-party payment solution provider in the To B field. In June 2016, the paid version of the enterprise-level aggregate payment cloud service was officially launched, and in October it obtained a PCI certification certificate issued by the Payment Industry Security Standards Committee. By building a payment processing platform in the cloud, centrally processing transaction requests for merchants from third-party payment channels required and providing a unified SDK interface for merchants to call, thus greatly simplifying their docking process with mobile payment channels and consumer installment channels, merchants do not need to build an additional special payment processing system. The multi-level merchant system provides a distribution model for platform, agency, and distribution forms and a fully open distribution API. Platform merchants can easily manage transactions and accounts on the entire platform and efficiently realize the accounting clearance of multi-level merchants. Accurately match multiple bank custody products to help the platform cater to supervision and avoid "second cleaning".
In early 2016, it received a USD B round of financing led by Broadband Capital.
Gleebill Dingfu
GleebillDingfu was established in 2016. It is a wholly-owned subsidiary of Shenzhen Dingfu Information Technology Co., Ltd. for China's cross-border e-commerce. It is a financial company focusing on providing safe, stable, efficient and low-cost global cross-border payment solutions for Chinese cross-border e-commerce sellers.
founder is from the earliest pioneer in the field of wild card collection in China. The core management is also from China's earliest senior person to intervene in wild card collection. He has rich industry experience in the field of wild card collection. Dingfu actively expands and develops different bank channels and collection methods. It has established and maintained good partnerships with many domestic and foreign banks, as well as VISA, MASTER, JCB, AE and other international credit card organizations. After continuous integration and innovation, various payment functions such as international card payment, virtual account payment, pre-authorized payment, fast payment, cardless payment and other payment functions have been developed and launched, and system function customization services have been successively launched to meet the special needs of different merchants. Cross-border payment collection through Internet technology and financial innovation provides cross-border payment overall solutions, mainly for cross-border e-commerce sellers to collect funds, foreign exchange settlement, cash withdrawal and other one-stop services on overseas e-commerce platforms in North America, Europe and Japan.
YouWorld is a cross-border payment platform founded by me in Shenzhen in 2016. It is based on the B2B2C model. It connects overseas merchants upstream and connects with distribution channels downstream. Through the independently developed content management, data tracking and clearing system, it helps B-side merchants manage and optimize including discount coupons, store information and brand content, and distributes through multiple channels. Since its establishment,
has launched two products and benchmarked against the American mobile payment giant Square to create a new cross-border payment experience. The user group is very clear, mainly for non-local consumers around the world, such as overseas Chinese who settled overseas. In the early days of its establishment, it developed a pure information product based on the shopping and consumption scenario to help consumers who travel and settle overseas obtain brand discount information as soon as possible. During the epidemic, the second online payment product - "I Pay", was developed, and operated on Internet platforms such as Alipay , WeChat, Ctrip , etc., to help Chinese people who settle overseas complete transactions more conveniently and enjoy certain discounts when shopping. This product brings different conveniences to both consumers and merchants. Consumers can enjoy certain discounts, eliminating the inconvenience of carrying a bank card with them.
In September 2021, it completed a US$5.5 million Series A financing, jointly invested by Jinshajiang United Capital and Kunlun Wanwei , of which Jinshajiang jointly led the investment.
Useepay
Useepay was founded in 2019 and is affiliated to Shanghai Yikun Technology Co., Ltd. It is an innovative technology brand in the field of cross-border payments. Relying on the new Fintech technology, it focuses on the global solution of independent websites' "no jump payment".
UseePay payment success rate exceeds the industry average of 5%-7%; it supports 100+ transaction currencies and 10+ settlement currencies. It has aggregated 6 major international credit cards and multiple localized payments. The company obtained the highest security certification in the international card payment industry PCI-DSS Level-1 at the beginning of its establishment. At present, UseePay supports mainstream international credit cards, overseas localized wallets, overseas convenience stores and other payment methods, and actively builds other comprehensive payment service capabilities such as online payment, corporate wallets, global payment collection, batch payment, and serves customers to cover cross-border e-commerce, aviation hotel tourism, transportation, digital entertainment, software, education and other industries. We are committed to deepening and digging into the customer industry, integrating industry resources, and creating a one-stop comprehensive service platform integrating cross-border marketing, cross-border logistics, cross-border payment, etc., to help customer business development in all aspects.
Shouxinyi Payment PayEase
Shouxinyi Payment PayEase was founded in 1998 and is headquartered in Beijing. It is committed to building Huitong's global and leading international payment platform to provide merchants with better quality and safer payment and clearing services.
is China's first multi-functional online payment service platform to provide multiple online banking and cross-regional transactions across banks and regions. It is directly connected to 23 national banks and China UnionPay core payment system, and supports bank cards issued nationwide and international credit cards issued globally, including online payments for Visa, MasterCard, AE and JCB. It can provide e-commerce companies with customized electronic payment solutions applied to the Internet and mobile Internet. Shouxinyi Payment occupies core enterprises such as Apple , Amazon, Shopify. In 2011, it was granted a third-party payment business license, a cross-border foreign exchange payment business pilot license in 2014, and a cross-border RMB payment business pilot license in 2015.
raised US$14.5 million in November 2006, and the main investors include the United States China Economic and Economic Co., Ltd., Capital Information Development Co., Ltd., etc., as well as individual investor Fang Guojian, chairman of Taiwan Maibao.
Beepay
Beepay was established in Hong Kong in December 2016. It is a technologically innovative financial enterprise.
access interbank foreign exchange market through cutting-edge technologies such as intelligent algorithms and big data analysis, use automatic routing algorithms to open up the global payment network, and use demanding anti-money laundering risk control measures to monitor transactions, providing cross-border enterprises with high-quality compliant financial services such as payment collection, foreign exchange, and cross-border settlement. It is mainly aimed at e-commerce export trade sellers located in China, including platform merchants and independent websites, and provides financial products and services including cross-border payment collection, foreign exchange transactions, foreign currency payments, RMB payments, and trade financing.
Completed a Pre-A round of financing of tens of millions of yuan in linear capital in March 2019.
Yishui
Beijing Yishui Business Service Co., Ltd. was established in 2013. It is one of the world's leading study abroad payment consultation service platforms. It serves more than 200,000 international students every year and covers more than 1,700 colleges and universities in major study abroad countries around the world.
Through Yisihui's unique Check x2 service system, users can complete online submissions as fast as 3 minutes. One-on-one online customer service guides the operation process throughout the process and assists in sorting out application materials. Backend big data and manual double review ensure that the transaction is true and effective. It is an intelligent anti-money laundering, anti-fraud, and compliance approval platform purchased by many commercial banks and consumer finance institutions in Asia. In 2018, Yisihui provided cross-border payment services and solutions for UnionPay International and UnionPay Cloud Flash Payment . In 2021, Yi Sihui and Tencent jointly launched Tencent Study Abroad Payment. In 2021, it will start global expansion, provide services to international students in more countries around the world, and become one of the fastest growing companies in the financial technology industry. Shareholders include Tencent, IDG Capital, New Oriental Education Industry Fund, Zhen Fund, ChinaEquity and other top funds and institutions around the world.
In March 2019, it completed a nearly 100 million yuan round of financing funding by Xinzhongli Investment.
